Anonymity for Bitcoin From Secure Escrow Address | Zendy

Qi Wang | Zendy; Xiangxue Li | Zendy; Yu Yu | Zendy

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Anonymity for Bitcoin From Secure Escrow Address

Author(s) -

Qi Wang,

Xiangxue Li,

Yu Yu

Publication year - 2017

Publication title -

ieee access

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 0.587

H-Index - 127

ISSN - 2169-3536

DOI - 10.1109/access.2017.2787563

Subject(s) - aerospace , bioengineering , communication, networking and broadcast technologies , components, circuits, devices and systems , computing and processing , engineered materials, dielectrics and plasmas , engineering profession , fields, waves and electromagnetics , general topics for engineers , geoscience , nuclear engineering , photonics and electrooptics , power, energy and industry applications , robotics and control systems , signal processing and analysis , transportation

Bitcoin is promoted as decentralized cryptocurrency by using pseudonym to achieve anonymity. Unfortunately, numerous seminal works have demonstrated that Bitcoin only offers weak anonymity in practice. Indeed, the practical technologies of clustering and flow analysis are much effective for tracing Bitcoin transaction and thereby revealing the owner involved. Otherwise said, user's privacy in Bitcoin has been sadly degenerated to be linkable. In this paper, we propose a completely decentralized scheme that can provide full anonymity in Bitcoin. The idea behind the output is to exploit a secure escrow address, which is consensual by all the involved users. The escrow address is generated from the trick of cryptographically secure distributed key generation and can then be used for mixing transactions in Bitcoin. Our protocol is secure against malicious adversaries. The users can jointly perform the protocol and successfully accomplish the transaction without the help of any (trusted) third party and no extra fees. Besides, our proposal is completely compatible with the current Bitcoin architecture.

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